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  5. Jindal Drilling, BPCL, IGL: Energy stocks zoom in trade; BSE Energy index hits all-time high

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Jindal Drilling, BPCL, IGL: Energy stocks zoom in trade; BSE Energy index hits all-time high

Upstox
By Upstox News Desk

2 min read | Updated on July 30, 2024, 14:14 IST

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SUMMARY

Among individual names, Jindal Drilling on Monday reported a consolidated net profit of ₹43.86 crore for the quarter ended June 30, 2024, up 263% YoY.

Stock list

HINDPETRO
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JINDRILL
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IGL
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RELIANCE
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HPCL stock was trading nearly 5% higher at ₹399.60 on the NSE. 

HPCL stock was trading nearly 5% higher at ₹399.60 on the NSE. 

Energy stocks buzzed in trade on Tuesday, July 30. Stocks such as Jindal Drilling and Industries, Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation (HPCL), and Gujarat State Petroleum Corporation (GSPL) were among the top gainers in the basket. The BSE Energy index hit an all-time high of 13,926.19 during the trade. 
Among individual names, Jindal Drilling on Monday reported a consolidated net profit of ₹43.86 crore for the quarter ended June 30, 2024, up 263% against ₹12.07 crore profit logged in the year-ago period. Total income during the quarter under review came in at ₹184.09 crore, up 87% against ₹98.54 crore registered in the corresponding quarter of the previous fiscal.

On the other hand, state-owned HPCL reported on Monday a massive 90% drop in net profit for the June quarter, as refinery margins fell and a fuel price reduction slashed marketing margins. HPCL reported a consolidated net profit of ₹ 633.94 crore in April-June—the first quarter of the current 2024–25 fiscal year—compared to a profit of ₹6,765.50 crore a year ago, according to a stock exchange filing by the company.

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Net profit also declined sequentially when compared to earnings of ₹ 2,709.31 crore in the January–March period. Pre-tax earnings from downstream fuel retailing businesses slumped 90% to ₹907.86 crore.

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However, its shares were trading higher. Around 1:50 pm, HPCL stock was trading nearly 5% higher at ₹399.60 on the NSE. 

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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